Offshore Assets
Investigation into Offshore Related Tax Defaults
In 2004 Revenue launched an investigation into tax evasion by persons using accounts and financial products outside the State. To dates the investigation has collected 910 million in tax, interest and penalties from circa 15,000 individuals. View the booklet which issued at that time. The Offshore Assets Group is now investigating taxpayers who failed to come forward in the qualifying disclosure campaign. Revenue has, on foot of High Court Orders, obtained transaction information from financial institutions, which is assisting in identifying those individuals who held offshore accounts or financial products and who have not brought their tax affairs up to date. The Offshore Asset Group is currently issuing letters to these individuals inviting them to make contact with a view to regularising their tax affairs.
Any taxpayer, who had an offshore account but failed to declare liabilities by way of a qualifying disclosure, is not eligible for the benefits of a qualifying disclosure. For more details, please see the 
Code of Practice for Revenue Auditors, 2010 edition, paragraph 2.10, Exclusions - disclosure not regarded as a Qualifying Disclosure (PDF, 1.24MB).
Such taxpayers must pay a minimum penalty of 75% of the tax due, as well as the tax underpaid and full statutory interest. Their names will be published if their total liability exceeds the publication threshold (12,700 for periods up to 31 December 2004 and 30,000 thereafter) and they may be considered for possible prosecution. View the 
spreadsheet (MSExcel, 51KB), which will automatically calculate the tax, interest and penalties due from taxpayers, all of whose undisclosed income is taxable at the higher or highest rate, and who must pay a minimum penalty of 75%. The spreadsheet has two worksheets, one for higher rate PAYE taxpayers and one for higher rate self-employed taxpayers.
Enquiries should be directed to:
Office of the Revenue Commissioners
Investigations & Prosecutions Division
Offshore Asset Group
Block D
Ashtowngate
Navan Rd
Dublin 15
Phone: (01) 8277500
Fax: (01) 8277486
